Last month, Guy Hurley hosted a seminar that walked attendees through the ins-and-outs of group captive insurance company formation and operation for workers’ compensation and third-party liability coverages. The good news delivered was that participation in captives is no longer reserved for large companies paying $300,000 or more for their workers’ comp, general liability and auto coverages.
Representatives from captive management firm Innovative Captive Strategies described how companies whose annual premiums for these coverages might be as low as $150,000 can reap the benefits of captive participation, recouping major chunks of their premium dollars when loss experience is favorable, and comparing risk control and claims management notes with their fellow members for mutual benefit.
The presentation was augmented by current captive clients Mike Malloure and Mike DeFinis, who are principals of C.A. Hull Co. and Angelo Iafrate Construction Co. The two answered attendees’ questions and provided concrete examples of how membership in the captive helps them reduce accidents and keep both their employees and the general public safer, while putting unused loss fund dollars back in their pockets.
For more information on captives and how you can take better control of your insurance, contact Richard McGregor at firstname.lastname@example.org or 248.519.1415.